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Royal Dutch Shell concludes sale of stake in OML 18

min for Petroleum

In a continued divestment of their assets in Nigeria, Royal Dutch Shell oil has completed the sale of their 30% stake in OML18 for $737million.The Oil Minining Licence OML 18 including any other related facilities and assets in the Eastern Niger Delta has been sold to Eroton exploration and production company Ltd.The sale of their stake in OML 18 covering approximately 1,035 square kilometres which covers Alakiri,Cawthorne Channel,Krakama and Buguma Creek fields and also includes immovable asssets attached like flow stations,Oil and gas pipelines.

The OML 18 oil field producing 14,000 Bpd is part of five other assets SPDC have signed sale agreements on in line with the company's decision to pull out of the West African Region.With Total E&P and Agip oil also signing over their 10% and 5% investments respecively over to Eroton Exploration Ltd,the company now own a total stake of 45% stake in OML18.

The relevant Federal Government agencies have been notified and necessary assent has been procured in line with due process.

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